<p>兗礦能源 (01171.HK) +1.020 (+6.684%) 空頭頭寸 $169.96M; 比率 25.074% 今天早盤（29 日）開盤下跌 1.4%，隨後在早盤交易中反彈。現在報價為 HKD16.27，上漲 6.62%，成交量為 5040.27 萬股，涉及 HKD8.05 億。</p>
<p>摩根士丹利在一份研究報告中表示，兗礦能源 2026 年第一季度淨利潤同比增長 42%，約為人民幣 40 億元，符合經紀人的預期，主要受益於來自新泰煤礦股權轉讓的人民幣 33 億元投資收益。剔除一次性項目後，持續經營的經常性利潤同比下降 61%，降至人民幣 11 億元，低於預期，主要受到自產煤生產成本同比上漲 9%、煤炭銷售價格同比下降 2% 以及第一季度記錄的外匯損失的拖累。成本上升主要反映了第一季度產量同比下降 6% 以及由於中東緊張局勢導致澳大利亞業務柴油價格上漲，從而推高了成本。</p>
<p>摩根士丹利預計核心盈利將在第二季度改善，因為自 3 月底以來煤化工價格在中東緊張局勢下保持高位，表明該季度的盈利貢獻將更好。同時，自 3 月中旬以來，國內煤價在傳統淡季中上漲，受到當地需求改善的支持。電廠在夏季用電高峰季節前進行了補貨，這也將支持價格，預示着第二季度盈利的復甦。該經紀人維持對兗礦能源的增持評級，並將目標價定為 HKD21.9。</p>
<p>美銀證券在其報告中指出，兗礦能源第一季度淨利潤為人民幣 40 億元，同比增長 42%，超出經紀人和市場預期，佔其全年預測的 33%。盈利超出主要是由於人民幣 30 億元的投資收益，其中包括來自處置新泰煤礦資產的人民幣 28 億元。該收益也為分紅分配奠定了基礎。然而，持續經營的經常性利潤同比下降 61%，降至人民幣 10 億元，主要由於成本壓力加劇。儘管收入同比微增 2% 至人民幣 350 億元，但毛利潤下降 21% 至人民幣 70 億元，毛利率同比收窄 6 個百分點至 21%，經紀人主要將其歸因於煤炭業務。</p>
<p>美銀證券估計，自產煤的總銷售成本同比上漲 9%，而銷售量僅同比增長 1%。按地區劃分，中國和澳大利亞的銷售成本分別上漲 4% 和 18%；銷售量分別上漲 4% 和下降 4%，而生產量分別下降 5% 和 9%。中國的單位銷售成本同比基本穩定，而澳大利亞的單位成本則上漲超過人民幣 100 元/噸或 23%，主要由於柴油成本激增。自產煤的平均銷售價格為人民幣 517 元/噸，同比下降 2%。中國的平均價格同比下降 1%，與基準指數趨勢一致，而澳大利亞的平均價格同比下降 2%，滯後於海運現貨價格的反彈。該經紀人認為，鑑於兗礦能源的定價機制，預計在第二季度有可能趕上上漲的價格趨勢。維持對兗礦能源 H 股的買入評級，目標價為 HKD17；兗礦能源（600188 SH）A 股的目標價為人民幣 24。（ad/da）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026 年 4 月 28 日 16:25。）</p>
<p>本文由 AI 自動翻譯，中文版本應視為權威版本。AASTOCKS.com Limited 不保證其準確性或完整性，並對因使用本翻譯而產生的任何損害或損失不承擔任何責任。</p>

兗礦能源

國泰中證煤炭ETF

<p>兗礦能源的股價在發佈積極的財報後上漲超過 6%，2026 年第一季度淨利潤為 40 億元人民幣，同比增長 42%。儘管由於成本上升和煤炭價格下跌，持續利潤下降了 61%，但摩根士丹利和美銀證券的分析師仍維持了樂觀評級，指出由於煤炭價格上漲和需求改善，盈利有潛在恢復的可能。摩根士丹利設定的目標價為 21.9 港元，而美銀證券則為 H 股設定了 17 港元的目標價，為 A 股設定了 24 人民幣的目標價</p>

<p>YANKUANG ENERGY (01171.HK) +1.020 (+6.684%)  Short selling $169.96M; Ratio 25.074%  opened down 1.4% this morning (29th) before reversing course in early trading. It is now quoted at HKD16.27, up 6.62%, with 50.4027 million shares traded, involving HKD805 million.</p>
<div class="lb-trans"><p>兗礦能源 (01171.HK) +1.020 (+6.684%) 空頭頭寸 $169.96M; 比率 25.074% 今天早盤（29 日）開盤下跌 1.4%，隨後在早盤交易中反彈。現在報價為 HKD16.27，上漲 6.62%，成交量為 5040.27 萬股，涉及 HKD8.05 億。</p>
</div><p>M Stanley said in a research report that YANKUANG ENERGY's 1Q26 net profit rose 42% YoY to about RMB4 billion, in line with the brokers expectations, mainly benefiting from RMB3.3 billion in investment income from the equity transfer of the Xintai coal mine. Excluding one-off items, recurring profit from continuing operations fell 61% YoY to RMB1.1 billion, below expectations, mainly dragged by a 9% YoY increase in self-produced coal production costs, a 2% YoY decline in coal selling prices, and foreign exchange losses recorded in the first quarter. The rise in costs mainly reflected a 6% YoY drop in output in the first quarter, as well as higher diesel prices in the Australian operations due to tensions in the Middle East, which pushed up costs.</p>
<div class="lb-trans"><p>摩根士丹利在一份研究報告中表示，兗礦能源 2026 年第一季度淨利潤同比增長 42%，約為人民幣 40 億元，符合經紀人的預期，主要受益於來自新泰煤礦股權轉讓的人民幣 33 億元投資收益。剔除一次性項目後，持續經營的經常性利潤同比下降 61%，降至人民幣 11 億元，低於預期，主要受到自產煤生產成本同比上漲 9%、煤炭銷售價格同比下降 2% 以及第一季度記錄的外匯損失的拖累。成本上升主要反映了第一季度產量同比下降 6% 以及由於中東緊張局勢導致澳大利亞業務柴油價格上漲，從而推高了成本。</p>
</div><p>M Stanley expects core earnings to improve in the second quarter, as coal chemical prices have remained at high levels since late March amid Middle East tensions, indicating better earnings contribution during the quarter. Meanwhile, domestic coal prices have risen since mid-March during the traditional off-season, supported by improving local demand. Power plants have been restocking ahead of the summer peak electricity consumption season, which will also support prices, signaling a recovery in second-quarter earnings. The broker maintained its Overweight rating on YANKUANG ENERGY and kept its TP at HKD21.9.</p>
<div class="lb-trans"><p>摩根士丹利預計核心盈利將在第二季度改善，因為自 3 月底以來煤化工價格在中東緊張局勢下保持高位，表明該季度的盈利貢獻將更好。同時，自 3 月中旬以來，國內煤價在傳統淡季中上漲，受到當地需求改善的支持。電廠在夏季用電高峰季節前進行了補貨，這也將支持價格，預示着第二季度盈利的復甦。該經紀人維持對兗礦能源的增持評級，並將目標價定為 HKD21.9。</p>
</div><p>BofAS noted in its report that YANKUANG ENERGYs first-quarter net profit of RMB4 billion, up 42% YoY, beat both the brokers and market expectations, accounting for 33% of its full-year forecast. The earnings beat was mainly due to RMB3 billion in investment income, including RMB2.8 billion from the disposal of Xintai coal mine assets. The gain also formed the basis for dividend distribution. However, recurring profit from continuing operations fell 61% YoY to RMB1 billion, mainly due to intensifying cost pressures. Although revenue edged up 2% YoY to RMB35 billion, gross profit fell 21% to RMB7 billion, with gross margin narrowing 6 ppts YoY to 21%, which the broker attributed mainly to the coal business.</p>
<div class="lb-trans"><p>美銀證券在其報告中指出，兗礦能源第一季度淨利潤為人民幣 40 億元，同比增長 42%，超出經紀人和市場預期，佔其全年預測的 33%。盈利超出主要是由於人民幣 30 億元的投資收益，其中包括來自處置新泰煤礦資產的人民幣 28 億元。該收益也為分紅分配奠定了基礎。然而，持續經營的經常性利潤同比下降 61%，降至人民幣 10 億元，主要由於成本壓力加劇。儘管收入同比微增 2% 至人民幣 350 億元，但毛利潤下降 21% 至人民幣 70 億元，毛利率同比收窄 6 個百分點至 21%，經紀人主要將其歸因於煤炭業務。</p>
</div><p>BofAS estimated that total sales costs of self-produced coal rose 9% YoY, while sales volume increased only 1% YoY. By region, sales costs in China and Australia rose 4% and 18% YoY respectively; sales volumes rose 4% and fell 4% YoY, while production declined 5% and 9% YoY respectively. Unit sales costs in China were broadly stable YoY, while unit costs in Australia increased by more than RMB100 per tonne or 23% YoY, mainly due to a surge in diesel costs. The average selling price of self-produced coal was RMB517 per tonne, down 2% YoY. The average price in China fell 1% YoY, in line with benchmark index trends, while the average price in Australia dropped 2% YoY, lagging the rebound in seaborne spot prices. The broker believes that, given YANKUANG ENERGYs pricing mechanism, it is likely to catch up with the upward price trend in the second quarter. It maintained its Buy rating on YANKUANG ENERGY H shares with a TP of HKD17; the TP for YANKUANG ENERGY (600188 SH) A shares is RMB24. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-28 16:25.)</p>
<div class="lb-trans"><p>美銀證券估計，自產煤的總銷售成本同比上漲 9%，而銷售量僅同比增長 1%。按地區劃分，中國和澳大利亞的銷售成本分別上漲 4% 和 18%；銷售量分別上漲 4% 和下降 4%，而生產量分別下降 5% 和 9%。中國的單位銷售成本同比基本穩定，而澳大利亞的單位成本則上漲超過人民幣 100 元/噸或 23%，主要由於柴油成本激增。自產煤的平均銷售價格為人民幣 517 元/噸，同比下降 2%。中國的平均價格同比下降 1%，與基準指數趨勢一致，而澳大利亞的平均價格同比下降 2%，滯後於海運現貨價格的反彈。該經紀人認為，鑑於兗礦能源的定價機制，預計在第二季度有可能趕上上漲的價格趨勢。維持對兗礦能源 H 股的買入評級，目標價為 HKD17；兗礦能源（600188 SH）A 股的目標價為人民幣 24。（ad/da）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026 年 4 月 28 日 16:25。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自動翻譯，中文版本應視為權威版本。AASTOCKS.com Limited 不保證其準確性或完整性，並對因使用本翻譯而產生的任何損害或損失不承擔任何責任。</p>
</div>

YANKUANG ENERGY  Jumps Over 6% Post-Results; Favored by M Stanley and BofAS

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摩根士丹利

美國銀行

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

兗礦能源在公佈業績後股價上漲超過 6%；受到摩根士丹利和美國銀行證券的青睞